India and the United States are stepping up efforts to seal a major bilateral trade agreement, with the aim of doubling their trade volume to $500 billion by 2030 - a massive jump from the current $191 billion. Officials have already finalized the Terms of Reference (ToRs) for the proposed deal, which will cover 19 key areas like goods, services, customs, and investments.

🧑‍💼 Indian Delegation to Visit Washington

A high-level Indian delegation led by Rajesh Agrawal, the new commerce secretary (taking full charge in October), is heading to Washington next week. The team will hold in-person negotiations from April 23 to 25. This comes shortly after a US trade team, led by Brendan Lynch, visited India in March, following up on senior-level discussions that month.

⏳ Why the Rush?

Negotiations are being fast-tracked to take advantage of a 90-day tariff suspension announced by US President Donald Trump on April 9. This pause gives both sides until July 9 to work out a fair agreement and avoid steep tariffs. India’s Commerce Secretary Sunil Barthwal recently reaffirmed the country's commitment to speed up talks and follow a path of trade liberalization with the US.

💼 What’s in the Deal?

• For the US: Seeking greater access to the Indian market for:
  • Electric vehicles (EVs)
  • Wines and dairy products
  • Industrial goods
  • Petrochemicals
  • Apples, tree nuts, and alfalfa hay
• For India: Hoping for tariff cuts and more access for:
  • Textiles and apparel
  • Gems and jewellery
  • Leather goods
  • Shrimp and oilseeds
  • Horticultural exports
  • Chemicals and plastics

📊 Trade Snapshot

India currently enjoys a trade surplus with the US:

• 2024–25 surplus: $41.18 billion
• 2023–24 surplus: $35.32 billion
• 2022–23 surplus: $27.7 billion

This growing gap has raised concerns in Washington, prompting new tariffs (26% on Indian goods) announced on April 2 - but suspended for 90 days.

📈 India’s Top Exports to the US (2024)

• Pharma & Biologics: $8.1B
• Telecom Equipment: $6.5B
• Precious Stones: $5.3B
• Petroleum Products: $4.1B
• Jewellery: $3.2B
• Cotton Garments: $2.8B
• Iron & Steel: $2.7B

📉 Top Imports from the US

• Crude Oil: $4.5B
• Refined Petroleum: $3.6B
• Coal & Coke: $3.4B
• Polished Diamonds: $2.6B
• Machinery & Electronics: $1.4B
• Aircraft Parts: $1.3B
• Gold: $1.3B

---

With the upcoming Washington round of talks, both sides hope to iron out pending issues and push closer to a historic India–US trade deal that could reshape economic ties for the next decade.